The company maintains a capital-intensive structure with a debt-to-equity ratio ranging between 1.45 and 1.92, while carrying a substantial $1.7B goodwill position as of 2026Q1.
| Total Current Assets | 154.94M | 379.86M | 118.06M | 91.13M | 88.99M | 83.8M | 93.93M | 108.56M | 2.91M | 5.99M | 9.83M | 72K |
| Cash & Short-Term Investments | 0 | 180.44M | 0 | 66K | 0 | 0 | 640K | 1.24M | 2.82M | 5.99M | 9.61M | 72K |
| Cash Only | 0 | 180.44M | 0 | 66K | 0 | 0 | 640K | 1.24M | 2.82M | 5.99M | 9.61M | 72K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 147.09M | 109.66M | 115.18M | 89.56M | 87.67M | 82.88M | 91.81M | 105.6M | 0 | 0 | 217K | 0 |
| Days Sales Outstanding | 34.1 | 31.79 | 35.72 | 29.39 | 32.3 | 31.22 | 34.5 | 45.37 | - | - | 0.13 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -529K | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 7.86M | 89.77M | 2.88M | 1.5M | 1.33M | 920K | 1.48M | 1.72M | 87K | 0 | 0 | 0 |
| Total Non-Current Assets | 6.25B | 5.5B | 5.76B | 5.65B | 5.7B | 5.46B | 5.52B | 6.17B | 44.8M | 23.77M | 7.54M | 969K |
| Property, Plant & Equipment | 3.98B | 3.45B | 3.88B | 3.79B | 3.75B | 3.39B | 3.25B | 3.27B | 0 | 0 | 2.2B | 1.89B |
| Fixed Asset Turnover | 0.34x | 0.36x | 0.30x | 0.29x | 0.26x | 0.29x | 0.30x | 0.26x | - | - | 0.27x | 0.20x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 575.46M | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.68B | 1.07B | 1.14B | 1.22B | 1.29B | 1.36B | 1.43B | 1.5B | 0 | 0 | 0 | 0 |
| Long-Term Investments | 2.36B | 585.78M | 603.96M | 626.65M | 652.77M | 696.01M | 722.48M | 709.64M | 43.49M | 23.77M | 7.54M | 969K |
| Other Non-Current Assets | 9.84M | 389.81M | 13.35M | 10.89M | -119.19M | -1.05M | 9.61M | 14.46M | 0 | 0 | -2.2B | -1.89B |
| Total Assets | 6.41B | 5.88B | 5.88B | 5.74B | 5.79B | 5.54B | 5.61B | 6.28B | 47.7M | 29.76M | 17.37M | 1.04M |
| Asset Turnover | 0.22x | 0.21x | 0.20x | 0.19x | 0.17x | 0.17x | 0.17x | 0.14x | 21.56x | - | 33.98x | 372.07x |
| Asset Growth % | 9.51% | 0.02% | 2.53% | -0.93% | 4.46% | -1.19% | -10.7% | 13070.27% | 60.3% | 71.33% | 1568.49% | - |
| Total Current Liabilities | 157.25M | 111.48M | 100.61M | 96.42M | 102.08M | 114.01M | 94M | 242.08M | 16.84M | 14.15M | 7.1M | 115K |
| Accounts Payable | 9M | 15.73M | 16.42M | 10.5M | 22.86M | 23.59M | 9.49M | 6.64M | 759K | 236K | 426K | 0 |
| Days Payables Outstanding | 13.12 | 13.14 | 13.98 | 9.13 | 21.81 | 25.58 | 10.05 | 6.96 | 0.62 | - | 0.59 | - |
| Short-Term Debt | 13.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 135.07M | 95.75M | 77.93M | 27.48M | 23.09M | 34.48M | 20.87M | 158.68M | 16.41M | 13.86M | 6.67M | 0 |
| Current Ratio | 0.99x | 3.41x | 1.17x | 0.95x | 0.87x | 0.74x | 1.00x | 0.45x | 0.17x | 0.42x | 1.38x | 0.63x |
| Quick Ratio | 0.99x | 3.41x | 1.17x | 0.95x | 0.87x | 0.74x | 1.00x | 0.45x | 0.17x | 0.42x | 1.46x | 0.63x |
| Cash Conversion Cycle | 20.98 | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 4.31B | 3.8B | 3.67B | 3.49B | 3.5B | 3.14B | 3.1B | 2.9B | 0 | 0 | 1.05B | 368K |
| Long-Term Debt | 3.7B | 3.22B | 3.12B | 3.21B | 3.36B | 3.12B | 3.09B | 2.89B | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 2.19B | 563M | 534.82M | 0 | 131.22M | 13.72M | 0 | 0 | 0 | 0 | 0 | 368K |
| Other Non-Current Liabilities | 12.18M | 15.07M | 15.4M | 276.25M | 4.43M | 6.66M | 7M | 5.13M | 0 | 0 | 0 | 0 |
| Total Liabilities | 4.47B | 3.91B | 3.77B | 3.59B | 3.6B | 3.26B | 3.19B | 3.14B | 16.84M | 14.15M | 7.1M | 483K |
| Total Debt | 3.71B | 3.22B | 3.12B | 3.21B | 3.36B | 3.12B | 3.09B | 2.89B | 0 | 0 | 849.91M | 620M |
| Net Debt | 3.71B | 3.04B | 3.12B | 3.21B | 3.36B | 3.12B | 3.09B | 2.89B | -2.82M | -5.99M | 840.3M | 619.93M |
| Debt / Equity | 1.92x | 1.63x | 1.47x | 1.49x | 1.53x | 1.37x | 1.28x | 0.92x | - | - | 47.72x | 406.02x |
| Debt / EBITDA | 3.91x | 3.79x | 3.58x | 3.93x | 4.53x | 4.25x | 50.01x | - | - | - | 7.33x | 7.05x |
| Net Debt / EBITDA | 3.91x | 3.58x | 3.58x | 3.93x | 4.53x | 4.25x | 50.00x | - | -0.01x | - | 7.24x | 7.05x |
| Interest Coverage | 4.07x | 3.85x | 3.65x | 3.30x | 3.34x | 3.56x | -0.21x | -3.14x | 9.81x | - | - | - |
| Total Equity | 1.94B | 1.97B | 2.12B | 2.15B | 2.19B | 2.29B | 2.42B | 3.14B | 30.86M | -4.26M | 17.81M | 1.53M |
| Equity Growth % | -18.95% | -6.77% | -1.7% | -1.85% | -4.13% | -5.44% | -23.07% | 10085.72% | 824.78% | -123.91% | 1066.47% | - |
| Book Value per Share | 4.05 | 4.09 | 4.36 | 4.46 | 4.56 | 4.76 | 5.06 | 7.10 | 0.16 | -0.02 | 0.10 | 0.01 |
| Total Shareholders' Equity | 1.94B | 1.97B | 2.12B | 2.15B | 2.19B | 2.29B | 2.42B | 3.14B | 30.86M | -4.26M | 10.27M | 558K |
| Common Stock | 4.75M | 4.74M | 4.79M | 4.8M | 4.79M | 4.78M | 4.77M | 4.84M | -41.97M | 15.61M | 10.27M | 1.08B |
| Retained Earnings | 104.2M | 14.78M | 90.55M | 100.45M | 82.79M | -132.47M | -464.09M | -341.56M | 0 | 0 | 0 | 558K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -341.56M | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.54M | 969K |
Upstream partner production concentration
According to reported financial statements, Antero Midstream has maintained a consistent asset base near $5.7B to $6.4B over the last ten quarters, suggesting that the company is successfully balancing infrastructure growth with disciplined debt management to preserve its overall balance sheet quality throughout the current cycle.
The stability in total assets despite fluctuating debt levels indicates a mature capital deployment strategy focused on maintaining existing gathering and water handling networks. Investors should monitor whether the recent uptick in total assets to $6.4B in 2026Q1 represents a shift toward aggressive expansion or merely a temporary accounting adjustment.
Based on the provided balance sheet data, Antero Midstream has managed its debt-to-equity ratio within a range of 1.45 to 1.92, which, as noted in recent filings, suggests a strategic approach to leverage that prioritizes maintaining credit capacity while funding essential midstream infrastructure projects.
The moderate leverage profile appears to provide sufficient headroom for the company to navigate potential volatility in the Appalachian Basin. The reliance on debt to fund capital-intensive projects warrants ongoing scrutiny to ensure that interest coverage remains robust relative to the company's fee-based cash flow generation.
As reported in quarterly filings, Antero Midstream’s asset base is heavily weighted toward net PPE, which consistently accounts for a significant portion of total assets, reflecting the company's capital-intensive business model and its reliance on physical gathering and compression infrastructure to generate long-term, fee-based revenue streams.
The concentration of assets in PPE underscores the company's role as a critical service provider for its upstream partner. The presence of substantial goodwill, which has remained relatively stable, suggests that historical acquisitions continue to be integrated into the core operations without triggering significant impairment concerns.
Based on historical balance sheet data, Antero Midstream’s current ratio has fluctuated between 0.89 and 3.41, indicating that while liquidity is generally adequate, the company's cash position remains variable and warrants close monitoring to ensure it can meet short-term obligations without relying on external financing.
The significant variance in the current ratio suggests that management may be optimizing cash balances to prioritize dividend payments or debt reduction. Investors should interpret the lower end of this range as a signal to watch for potential working capital constraints during periods of high capital expenditure.
Analysis of the balance sheet reveals that goodwill represents a substantial portion of total equity, with figures consistently near $1.1B to $1.7B, which may pose a risk to book value if the underlying assets fail to meet long-term performance expectations in the Appalachian region.
While the current valuation of these intangibles appears supported by the captive nature of the business, any material decline in the upstream partner's drilling activity could necessitate a re-evaluation of these assets. This concentration of intangible value makes the balance sheet more sensitive to regional production shifts than headline figures might suggest.
Quick answers to the most common questions about buying AM stock.
As of 2025, Antero Midstream Corporation (AM) had total assets of $5.88B including $379.9M in current assets.
Antero Midstream Corporation (AM) carries total debt of $3.22B, offset by $180.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Antero Midstream Corporation (AM) has total shareholders' equity (book value) of $1.97B ($4.09 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Antero Midstream Corporation (AM) reported a current ratio of 3.41x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.